Insurance requirements
Question from Linda updated on 5th September 2017:
Do I have to have landlords insurance? This is not a requirement by my bank as the mortgage is very small. I don't want to take it out anymore. Please, please don't advise me otherwise: it is facts I am wanting. My current company says that I can't change from landlord cover to a standard property cover. Is this the case?
Our expert Myles Noble responded:
Generally, speaking taking out landlords cover is not compulsory unless it is a requirement under the lease agreement. It is, however, in my opinion prudent to have this cover. In regards to the second part of your question your insurer provides different cover (and terms) where a property is tenanted as opposed to owner occupied and, unfortunately, I don't see how you can change this.
Myles Noble is head of claims and earthquake response for Crombie Lockwood. He also holds various advisory board positions in the insurance industry.
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